<span item_type="fundamental" item_id="e4fac27fb9c9c7ba35b4705af06ab19a" counter_id="ST/US/PAA" env="prod"></span><span item_type="announcement" item_id="579423248578971777" env="prod"></span><p>Revenue: As of FY2025 Q3, the actual value is USD 11.58 B, missing the estimate of USD 12.4 B.</p><p>EPS: As of FY2025 Q3, the actual value is USD 0.55, beating the estimate of USD 0.3713.</p><p>EBIT: As of FY2025 Q3, the actual value is USD 619 M.</p><p></p><h3>Financial Data and Metrics</h3><h4>Net Income</h4><ul><li>Net income attributable to Plains All American Pipeline, L.P. (PAA) for the third quarter of 2025 was $441 million, a 100% increase from $220 million in the same period of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul><h4>Adjusted EBITDA</h4><ul><li>Adjusted EBITDA attributable to PAA for the third quarter of 2025 was $669 million, a 2% increase from $659 million in the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul><h4>Cash Flow</h4><ul><li>Net cash provided by operating activities for the third quarter of 2025 was $817 million, an 18% increase from $692 million in the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li><li>Adjusted Free Cash Flow for the third quarter of 2025 was $303 million, a 24% decrease from $401 million in the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul><h4>Segment Performance</h4><ul><li>Adjusted EBITDA from Crude Oil for the third quarter of 2025 was $593 million, a 3% increase from $577 million in the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li><li>Adjusted EBITDA from NGL for the third quarter of 2025 was $70 million, a 4% decrease from $73 million in the third quarter of 2024.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul><h4>Leverage and Debt</h4><ul><li>The company exited the third quarter of 2025 with a leverage ratio of 3.3x, towards the low end of its target range of 3.25x to 3.75x.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul><h3>Outlook / Guidance</h3><ul><li>Plains All American Pipeline forecasts full-year 2025 Adjusted EBITDA attributable to Plains to be in the range of $2.84 to $2.89 billion, including approximately $40 million from the acquisition of EPIC.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li><li>The company expects its leverage ratio to be around the midpoint of the target range (~3.5x) following the announced acquisitions and the closing of the NGL divestiture by the end of the first quarter of 2026.<span class="superscript" item_id="0" item_type="announcement_file" value="1" url="https://www.sec.gov/Archives/edgar/data/1070423/000107042325000023/paa11052025exhibit991.htm"></span></li></ul>

Plains All American Pipeline | 8-K: FY2025 Q3 Revenue Misses Estimate at USD 11.58 B